ITAT Judgments - Page 10

Interest cannot be disallowed without proving utilisation for non-business purposes

DCIT Vs Sardar Baldeo Singh Bhatia (ITAT Raipur)

In our considered view, without proving the nexus between the borrowed funds and its utilisation for non-business purposes, no dis allowance of interest expenditure can be made....

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TDS not payable for mere mismatch in data due to Technical Flaws

DCIT Vs Bhilai Steel Plant (ITAT Raipur)

Appellant has been held liable as assessee in default merely due to technical flaws. Demand has been raised merely due to fault of system and in view of the CBDT's Instruction No.5/2013 dated 08.07.2013, the demand cannot be sustained. ...

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Penalty notice without proper application of mind is invalid

Siddhi Home Makers Vs ITO (ITAT Mumbai)

Where Assessing Officer issued two notices for imposition of penalty namely, one u/s 274 r.w.s. 271(1)(c) and second u/s 274 r.w.s 271AAA in cases where search u/s 132 of the Act has been initiated, then such notices issued by AO are untenable in law....

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Defect in notice u/s 274 do not vitiates penalty proceedings; Addition for Bogus purchases U/s. 69C?

Earth moving Equipment Service Corporation Vs Deputy Commissioner Of Income Tax (ITAT Mumbai)

Mere defect in the notice u/s 274 do not vitiates the penalty proceedings and no prejudice was caused to the assessee by non- marking of appropriate clause. Addition for Bogus purchases cannot be made under Section 69C as 'unexplained expenditure' if purchase are duly disclosed and payments are made through banking channels. The fact t...

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S. 54 benefit available for cost of house acquired despite non-payment

Gopal Saran Darbari Vs. Income Tax Officer (ITAT Delhi)

Sub-clause (i) of section 54 providing for the exemption does not require that the whole payment for purchase of new asset should be made. In other words even if an assessee acquires a new house on credit i.e. the payment for which may be made in future, the assessee cannot be denied the benefit of deduction under section 54 because what ...

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AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Amit Kumar Bansal Vs ITO (ITAT Raipur)

If during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the ...

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TDS U/s. 194C not deductible on wages paid to labourers working under direct supervision of assessee

Tapas Paul Vs ACIT (ITAT Kolkata)

Now the issue before us arises so as to whether the labourers are the employees of assessee or they are working in contractual capacity attracting the provisions of TDS. ...

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Assessee can claim housing loan interest in capital gain computation u/s 48 despite the fact that same had been claimed u/s 24(b)

Gayatri Maheshwari Vs I.T.O. (ITAT Jodhpur)

6. The ld. CIT(A) on consideration of the assessment order, assessee’s submissions and the case laws relied upon by the assessee, has held as under: The only dispute in the instant case is whether the interest paid by the assessee to the bank on loan availed for purchase of property could be allowed as deduction in computing the capital...

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S. 69 ITO have discretion in treating source of investment as income

Dushyant Ji Lohani Vs I.T.O. (ITAT Jodhpur)

A discretion has been conferred on the ITO U/s 69 of the Act to treat the source of investment as income of the assessee if the explanation offered by the assessee is not found satisfactory. However, the said discretion should be exercised keeping in view the facts and circumstances of a particular case. when it is claimed that the assess...

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TDS not deductible on Wages Paid to labour sardars to pay the labourers

Assistant Commissioner of Income Tax Vs Dilip Saha (ITAT Kolkata)

The labour sardars are employed/deployed by the labour union to collect the money in bulk and distribute the same amongst the labourers, who are ultimate beneficiaries and not the labour sardars i.e in question. These labour sardars are remunerated by the union only for the job done. The collected money distributed amongst the labours/ la...

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